Ripple revealed that it currently has no plans to go public any time soon, claiming that the firm has no “IPO timeline” despite the growing number of crypto companies vying for an IPO.
Summary
- Ripple President Monica Long announced that the company has no plans or timeline for an IPO, citing its strong financial position and rapid growth fueled by rising stablecoin payments.
- While other crypto firms rush to go public, Ripple is focusing on private expansion, securing $500 million in new funding and strengthening its stablecoin ecosystem through major partnerships with Mastercard, WebBank, and Gemini.
According to a recent report by Bloomberg, Ripple’s President Monica Long told the news outlet that the financial technology currently has no immediate plans to join other crypto firms in listing publicly. This declaration comes just shortly after the firm raised $500 million at a $40 billion valuation.
At the Swell conference in New York on Wednesday, Long admitted that the firm does not have an “IPO timeline,” indicating that it has no intention to prepare for a public listing anytime soon.
“No plan, no timeline,” said Long during the conference.
Long explained that the reason why the company is holding off on going for an Initial Public Offering is that the firm is in a “fortunate position.” She claims that the firm wields enough capital and funding to fuel its organic and inorganic growth, as well as to support its strategic partnerships moving forward.
Long did not disclose Ripple (XRP)’s latest revenue count, but she did reveal that the company’s customer base has doubled on a quarter-over-quarter basis. She stated that the growth was due to the rise in stablecoin payments that came after the U.S government’s stablecoin bill, GENIUS act, which she believed had “opened up the market” both within the states and globally.
Is Ripple missing out on a crypto IPO boom?
Ripple’s ecosystem has been making major moves as of late, boosting trader confidence as the firm continues to advance. Most recently, the fintech company announced that it has secured around $500 million in a new funding round, bringing the firm’s valuation to $40 billion.
The funding round was led by Fortress Investment Group and Citadel Securities, with participation from Pantera Capital, Galaxy Digital, Brevan Howard and Marshall Wace.
Not only that, the company also continues to expand its reach into the stablecoin market by launching a pilot program to test the use of its stablecoin RLUSD for settling credit card transactions by partnering with Mastercard, WebBank, and Gemini to integrate its RLUSD (RLUSD) stablecoin into credit card settlement.
The collaboration is poised to lift Ripple’s USD-backed stablecoin even higher after it hit a milestone of reaching $1 billion in market cap this week.
Within the past year, major crypto firms have seen wide success with IPOs that have generated hundreds of millions. On Sept. 11, blockchain-based consumer lending firm Figure Technologies recorded a strong debut on Nasdaq, having sold 31.5 million shares worth $787.5 million in its IPO. On IPO day, the company was valued at $7.62 billion.
A day after Figure’s IPO, the Winklevoss twins’ cryptocurrency exchange platform Gemini launched its own IPO with a hard cap on proceeds reaching $425 million, excluding the $50 million private placement from Nasdaq.
Meanwhile, stablecoin issuer Circle also found success in an IPO that raised about $1.1 billion from selling 34 million shares. By the end of the IPO, the company’s valuation surged from $6.8 billion to $8 billion. Circle’s IPO marked one of the largest crypto-related listings since Coinbase’s debut in 2021.
On the other hand, other crypto firms like Kraken, Consensys and HashKey are reportedly preparing for an IPO. HashKey in particular, has confidentially filed for an IPO in the Hong Kong stock market with a goal to raise $500 million.
